9月4日，福斯达跌5.06%，截至发稿，报47.48元/股，成交1.86亿元，换手率7.66%，总市值75.97亿元。 汇添富年年泰定开混合A（004436）基金经理为郑慧莲、於乐其。 截至发稿，郑慧莲累计任职时间7年269天，现任基金资产总规模23.94亿元，任职期间最佳基金回报 172.26%， 任职期间最差基金回报-46.82%。 於乐其累计任职时间2年161天，现任基金资产总规模70.96亿元，任职期间最佳基金回报8.29%， 任职 期间最差基金回报1.03%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，杭州福斯达深冷装备股份有限公司位于浙江省杭州市临平区杭州余杭经济技术开发区兴起路 398号，成立日期2000年7月4日，上市日期2023年1月30日，公司主营业务涉及专业从事各类深冷技术工 艺的开发及深冷装备的设计、制造和销售,为客户提供深冷系统整体解决方案。主营业务收入构成为： 空分设备79.26%，液化天然气设备17.00% ...

Group 1: Research Basic Information - The research object is FusiDa, and the reception time is September 4, 2025. The listed company's reception staff includes the chairman Ge Shuifu, the director and general manager Ge Haojun, the independent director Liu Haining, the financial controller Huang Zhengjie, and the board secretary Zhang Yuanfei [16] Group 2: Detailed Research Institutions - The institution-related personnel are others, and the reception objects are the vast number of investors participating in the company's 2025 semi-annual performance briefing [19] Group 3: Main Content Overseas Market Expansion - In the reporting period, the company followed the national "Belt and Road" initiative, adopted the "pioneering - rooting - booming" strategy, successfully explored 2 new national markets, strengthened competitive advantages, developed high - quality customers, enhanced the stickiness of loyal customers, and built international brand advantages. It also actively promoted cooperation with international large - scale engineering companies, oil and gas companies, and gas companies [23] Second Growth Curve Layout - The company conducted in - depth market research according to business development needs, strengthened the layout in equipment for natural gas, hydrogen, and syngas, and the industrial gas field to expand business revenue and build a second growth curve [23][24] Future Strategic Planning - The company will focus on its main business, continue to delve into the cryogenic technology field, adhere to the brand positioning of "German - style quality, Zhejiang - enterprise style", increase R & D investment, improve product quality and core competitiveness, strengthen market promotion and brand building, expand domestic and international markets, and increase product market share. It will also strengthen the layout in the above - mentioned fields to build a second growth curve [24] Competitive Advantages Overseas - The company's large - and medium - sized air separation equipment, natural gas processing and liquefaction devices have reached the domestic advanced level in technology and quality, with a small technology gap compared with international peers and lower costs, giving it strong competitive advantages in the international market [24] Future Development Trend - The company achieved double - growth in revenue and net profit in the first half of the year. It will continue to focus on its main business, strengthen R & D investment, expand markets, and build a second growth curve to ensure high - quality sustainable development and create more value for shareholders [24][25] Response to Low Traditional Industry Utilization Rate - The company actively explored emerging fields and built a second growth curve. It relied on its cryogenic technology, expanded overseas markets following the "Belt and Road" initiative, and provided customized solutions to different customers, effectively hedging the risk of order acquisition caused by low traditional industry utilization rates. Its overseas business covers more than 70 countries and regions in Asia, Europe, America, and Africa [26] New Orders - For new - signed orders, please refer to the company's announcements. Currently, the company has sufficient on - hand orders and will actively strive for orders in the second half of the year [26] Impact of Reduced Sales Expenses - The reduction in sales expenses is due to organizational structure adjustment, with some functions and personnel transferred to other departments. Currently, it will not have an adverse impact on new - signed orders [26]

Core Points - The company, Hangzhou Fostar Cryogenic Equipment Co., Ltd., is holding a shareholder meeting on September 16, 2025, to discuss key proposals [1][2] - The meeting will include both on-site and online voting, ensuring participation from registered shareholders [1][2] - The agenda includes the cancellation of the supervisory board and amendments to the company's articles of association [4][5] Group 1: Meeting Details - The meeting will take place at the company's headquarters in Hangzhou, Zhejiang Province [1] - Participants include shareholders, board members, supervisors, and legal representatives [1][2] - The meeting will follow a structured agenda, including the introduction of attendees, discussion of proposals, and voting [1][2][3] Group 2: Proposals - Proposal 1: The company plans to abolish the supervisory board and transfer its responsibilities to the audit committee of the board, in compliance with new regulations effective from July 1, 2024 [4][5] - Proposal 2: The company intends to amend its articles of association, including changing its registered address due to administrative adjustments and adding a worker representative director to the board [5][7] - The board has already approved these proposals in previous meetings [6][8]

证券代码：603173 证券简称：福斯达 杭州福斯达深冷装备股份有限公司 2025 年第二次临时股东大会 会议资料 网络投票：2025 年 9 月 16 日（星期二）采用上海证券交易所网络投票系统， 通过交易系统投票平台的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东 大会召开当日的 9:15-15:00。 会议方式：现场投票与网络投票相结合的方式。 召集人：杭州福斯达深冷装备股份有限公司董事会。 主持人：杭州福斯达深冷装备股份有限公司董事长葛水福先生。 2025 年 9 月 16 日 | | | | 2025 年第二次临时股东大会会议议程 2 | | | --- | --- | | 会议须知 | 3 | | 议案一：关于取消监事会并修订《公司章程》的议案 | 4 | | 议案二：关于修订并制定公司治理制度的议案 | 6 | 1 2025 年第二次临时股东大会会议议程 现场会议时间：2025 年 9 月 16 日（星期二）下午 14:30 现场会议地点：浙江省杭州市临平区兴起路 398 号二楼会议室。 参会人员： ...

Q2 利润高增接近预告上限，海外订单进入交 付高峰期 证 券 研 究 报 告 福斯达（603173）2025 年半年报点评 强推（维持） 事项： 公司发布 2025 年半年度报告，2025 年上半年营业总收入 14.8 亿元，同比增长 62.1%，归母净利润 2.5 亿元，同比增长 140.4%，扣非归母净利润 2.5 亿元， 同比增长 183.1%。第二季度营业总收入 8.8 亿元，同比增长 57.8%，归母净利 润 1.4 亿元，同比增长 249.1%，扣非归母净利润 1.3 亿元，同比增长 288.9%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,419 | 3,119 | 3,490 | 3,873 | | 同比增速(%) | 12.2% | 28.9% | 11.9% | 11.0% | | 归母净利润(百万) | 261 | 427 | 527 | 632 | | 同比增速(%) | 36.6% | 63. ...

Core Insights - Fosda (603173) reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 1.476 billion yuan, up 62.14% year-on-year, and net profit attributable to shareholders at 251 million yuan, up 140.45% [1] Financial Performance - The second quarter revenue was 881 million yuan, reflecting a year-on-year increase of 57.81%, while net profit for the same period was 135 million yuan, up 249.1% [1] - The gross margin improved by 24.07% year-on-year to 27.23%, and the net margin increased by 48.29% to 17.02% [1] - Total expenses (selling, administrative, and financial) amounted to 19.88 million yuan, representing only 1.35% of revenue, a decrease of 69.38% year-on-year [1] - Earnings per share rose to 1.59 yuan, an increase of 144.62% year-on-year, while operating cash flow per share surged to 3.97 yuan, up 855.38% [1] Changes in Financial Items - Trading financial assets increased by 320.17% due to more structured deposit products being purchased [2] - Accounts receivable decreased by 33.39% due to a reduction in non-high credit rating bank acceptance bills [2] - Construction in progress rose by 59.04% due to the ongoing development of a new manufacturing center [2] - Deferred income surged by 445.84% as a result of increased government subsidies related to assets [2] Cost and Expense Analysis - Operating costs increased by 51.17% in line with revenue growth [3] - Management expenses rose by 34.74% due to increased personnel and related costs [3] - Financial expenses saw a dramatic decrease of 919.66% due to higher interest income and exchange gains [3] Cash Flow and Debt Management - Net cash flow from operating activities increased by 855.38% due to higher sales and corresponding cash receipts [3] - The company maintains a healthy cash position, with cash assets being robust [5] - The cash flow ratio (cash assets/liabilities) stands at 63.49%, indicating a need for monitoring [6] Investment and Market Position - The company's return on invested capital (ROIC) was 15.65%, with a historical median of 20.3% since its listing [4] - Analysts project a net profit of 408 million yuan for 2025, with an average earnings per share estimate of 2.54 yuan [6] Fund Holdings - Notable funds holding Fosda shares include Guojin Self-Innovation Mixed A and Southern Strategy Optimization Mixed, indicating strong institutional interest [7]

Group 1 - Foxda (603173.SH) reported its semi-annual results for 2025, with 17 institutional investors disclosing holdings amounting to 108 million shares, representing 67.75% of the total share capital [1] - The top ten institutional investors collectively hold 67.66% of the shares, with a 0.25 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for a 0.73% increase, while one fund decreased its holdings by 0.26% [2] - One new public fund was disclosed, while five funds were no longer reported compared to the previous quarter [2]

Group 1 - The core viewpoint of the article highlights the significant growth in the financial performance of Fosda, with a notable increase in both revenue and net profit for the first half of 2025 [1] - Fosda reported an operating income of approximately 1.476 billion yuan, representing a year-on-year increase of 62.14% [1] - The net profit attributable to shareholders reached around 251 million yuan, marking a substantial year-on-year increase of 140.45% [1] - The basic earnings per share were reported at 1.59 yuan, which is an increase of 144.62% compared to the previous year [1] Group 2 - The article also mentions the booming pet industry, which is valued at 300 billion yuan, indicating a significant market opportunity for companies in this sector [1] - The rise in the pet industry has led to positive market reactions, with many listed companies experiencing stock price increases [1]

Core Viewpoint - The company, Hangzhou Fostar Deep Cold Equipment Co., Ltd., has reported significant growth in its financial performance for the first half of 2025, with a focus on enhancing operational quality and shareholder returns through strategic initiatives and governance changes [3][55]. Company Overview - The company is engaged in the manufacturing of deep cold equipment and aims to become a leading provider of air separation and LNG equipment [55]. - The company has a vision to be recognized as the most trusted and competitive manufacturer in its field, with a mission to provide comprehensive solutions for various industrial gas needs [55]. Financial Performance - For the first half of 2025, the company achieved a revenue of 1,475.65 million yuan, representing a year-on-year increase of 62.14% [56]. - The net profit attributable to shareholders was 251.21 million yuan, marking a 140.45% increase compared to the previous year [56]. - The overall gross margin improved to 27.23%, an increase of 5.28 percentage points year-on-year [56]. Strategic Initiatives - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan to drive high-quality development and protect investor interests [55]. - It has successfully expanded its international market presence, covering over 70 countries and regions, and has established strategic partnerships with major gas companies [56]. - The company is focusing on high-return gas operation projects to build a second growth curve amid challenges in the industrial gas market [57]. Governance Changes - The company has decided to cancel its supervisory board and amend its articles of association in compliance with new regulations, with the audit committee taking over the supervisory responsibilities [69]. - The company plans to enhance its governance structure by adding a worker representative director to the board, increasing the total number of directors [70]. Fund Management - The company raised 746 million yuan through its initial public offering, with a net amount of 658.89 million yuan after deducting issuance costs [39]. - As of June 30, 2025, the company has invested 428.45 million yuan of the raised funds into projects, with a focus on ensuring compliance with fund management regulations [40][51]. Innovation and R&D - The company emphasizes innovation in deep cold technology, with ongoing projects aimed at enhancing product quality and operational efficiency [62]. - It has filed two new invention patents related to intelligent monitoring methods for air separation devices, reflecting its commitment to technological advancement [63]. Shareholder Returns - The company prioritizes cash dividends for shareholder returns, having distributed a total of 79.21 million yuan in cash dividends for the 2024 fiscal year, which is 30.33% of its net profit [61].

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first half of the year, driven by increased sales scale and improved product gross margins [1] Financial Performance - The company achieved operating revenue of 1.476 billion yuan, representing a year-on-year increase of 62.14% [1] - The net profit attributable to shareholders reached 251 million yuan, marking a year-on-year growth of 140.45% [1] Growth Drivers - The performance improvement is primarily attributed to an increase in sales scale and enhancement in product gross margins [1]